This revolution has brought data front and centre. The consensus is now that data is the ‘oil of the 21st century’ and amongst the largest, most critical companies, in the world are those that trade on, control and manage our data.
This has been further underlined with the global pandemic witnessed in 2020 which has underlined the reliance on IT infrastructures in our ability to communicate, work and for schools provide education and teaching.
What was not imaginable even 10 years ago has become a practical reality this year with schools working through virtual learning environments to ensure children can still be educated even if school buildings cannot be utilised. If the central tenets of insurance and risk management are around protecting and supporting the key sources of value it is inevitable that questions will be asked as to how we insure and protect our online presence and our data.
Legislation is now in place which recognises this and any prudent Governor, School Leader or Finance Manager should be asking about what support is available. This has been underlined by the recent National Cyber Security Centre toolkit issued to aide Schools and Governors in understanding their risks and how best to mitigate these.
This technical bulletin examines how the insurance market has developed and against what backdrop this has happened. It explores the key risk metrics and how the insurance cover responds. Most crucially it looks at buying habits and how the cover sits within the broader context of data protection and support in the event of work or study interruption.
